Corn is mostly 3 cents lower at midmorning.
- Corn futures are facing followthrough selling ahead of USDA’s Planting Intention and Quarterly Grain Stocks Report.
- USDA will release its Planting Intentions and Quarterly Grain Stocks Reports. A Dow Jones Newswires survey shows analysts expect U.S. corn plantings of 94.481 million acres. Traders also expect higher U.S. corn stockpiles as of March 1 compared to year-ago.
- Crop consultant Dr. Michael Cordonnier maintained his 2025-26 Brazilian and Argentine corn production estimates at 132 MMT and 53 MMT, respectively. He holds a neutral to lower bias toward the Brazilian crop and a neutral bias toward the Argentine crop.
- May corn futures are facing resistance at the 20-day moving average of $4.59 ¼, while support lies at the 40-, 100- and 200-day moving averages, layered from $4.49 to $4.47.
Soybeans are mostly unchanged to a penny higher. Soymeal is around $1.10 lower, while soyoil is around 10 points higher.
- Soybeans are modestly firmer, though soymeal weakness and positioning ahead of USDA’s late-morning data release is curbing buyer interest.
- Analysts expect USDA will print 85.463 million soybean acres, on average, in its Planting Intentions Report, due out at 11 a.m. CT. Traders also expect larger soybean stocks as of March 1 compared to year-ago.
- Dr. Michael Cordonnier left his 2025-26 Brazilian and Argentine soybean production estimates unchanged at 178 MMT and 47 MMT, respectively. He holds a neutral bias for both crops going forward.
- May soybeans are hovering around the 10- and 20-day moving averages, each trading around $11.45. Resistance stems from the March 12 high of $11.74 ¼, while support lies at $11.39 1/2, which is backed by the 40-day moving average.
SRW wheat futures are mostly 9 to 10 cents higher, while HRW futures are13 to 14 cents higher. HRS wheat is mostly a nickel firmer.
- SRW wheat futures are solidly higher amid technical buying and support from a weaker U.S. dollar.
- USDA is expected to produce all U.S. wheat acres at 44.605 million acres in this morning’s Planting Intentions Report. March 1 wheat stocks are also expected to be larger compared to year-ago.
- Jordan’s state grains buyer purchased about 60,000 MT of hard milling wheat to be sourced from optional origins in an international tender earlier today. Tunisia is also believed to have purchased about 100,000 MT of soft wheat to be sourced from optional origin.
- May SRW futures continue to be supported by the 10- and 20-day moving averages, trading at $5.99 and $5.96 1/2, while resistance stems from the MArch 9 high of $6.41 3/4.
Live cattle and feeders are solidly higher at midsession.
- Cattle futures are firmer for the fourth straight session, with support from firmer cash trade.
- Cash cattle trade averaged $235.69 last week, up 68 cents from the previous week.
- U.S. Secretary of Agriculture Brooke Rollins “is signaling a possible shift toward reopening the U.S.–Mexico border to feeder cattle imports while continuing aggressive efforts to contain New World Screwworm.
- April cattle futures are up against resistance at $240.85, with additional resistance stemming from the Feb. 19 high of $244.125. Initial support lies at $238.28, which is backed by the 40-, 10- and 20-day moving averages.
Hog futures are mixed at midmorning.
- Nearby lean hogs are modestly firmer in narrow trade, while deferred contracts face pressure as the cash index continues to fade.
- The CME lean hog index is down another 42 cents to $90.76 as of March 27.
- The pork cutout rose $1.01 on Monday to $97.57. Movement totaled 258.8 loads.
- April lean hogs are trading within Monday’s range, limited by resistance at the 100- and 10-day moving averages, layered at $90.99 and $91.25. The 200-day moving average continues to serve as initial support.